Estate agency misrepresented as house purchasers according to Advertising Standards Authority mortgagesolutions.co.uk/mortgage-solutions/news/2382275/estate-agency-misrepresented-as-house-purchasers-asa My comment: If Eclectic Financial Solutions Ltd via webuyanyhouse.co.uk are merely introducing buyers then they are in law an Estate Agent and the ASA is only one organisation to single them out, there will be others. If they do the work of an Agent (i.e. introducing a buyer to a seller or a seller to a buyer, or acting on behalf of either) then in law they are an Agent and are subject to a regulatory regime. Property Sourcers, Buyers Agents and Selling Agents are regulated under the Estate Agents Act 1979 and the Consumer Protection From Unfair Trading Regulations 2008. All Agents (including Sourcers) MUST register with HMRC for carrying out estate agency work (since April 2014) and may also require a consumer credit licence, obtainable from the FCA (since 2014). Agents MUST belong to a redress scheme, comply with their ombudsman’s code of conduct and hold indemnity insurance. In reality however they are most likely paying money to the seller to buy an interest as Principal buyers in each transaction and then just selling their interest before completion. In this manner their website claims are entirely defensible, (despite the occasional spelling mistake). This article explains further philmartinproperty.blogspot.co.uk/2014/09/sourcing-and-selling-property-deals-do.html
Posted on: Wed, 19 Nov 2014 20:20:33 +0000
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